CSA publish amendments to trade matching and settlement rules
The Canadian Securities Administrators (CSA) today published amendments to National Instrument 24-101 Institutional Trade Matching and Settlements, its companion policy and related forms. Proposed amendments to NI 24-101, initially published for comment in October 2009, originally considered postponing, from July 1, 2010 to July 1, 2015, the requirement to match DAP/RAP trades by no later than midnight on the trade date. Based on comments received to the earlier proposals, however, the CSA have now decided to maintain the current institutional trade matching requirement of noon on T+1.
Other changes to the Instrument were adopted, however, and the final changes include: (i) amendments to the quarterly exception reporting requirement; (ii) amendments to the pre-DAP/RAP trade execution documentation requirements and related key definition; (iii) amendments to the provisions governing non-western hemisphere institutional investors; and (iv) amendments to clarify certain other definitions and concepts.
The amendments are subject to Ministerial approval and are expected to come into force on July 1, 2010.
